China has been doing rounds in the crypto-verse for quite a while now. The blanket ban on crypto assets and the country’s big crackdown on crypto firms has been stunning the entire globe that had just started recognizing the true value of crypto. While the country continues to oust many crypto firms existing in the region, a few other crypto-based platforms went on to move out following the harsh regulations imposed on them.
Over the past couple of weeks, China witnessed the departure of an array of major platforms. This list included Huobi, CoinEx, and several others. Now, a prominent Chinese crypto platform revealed that it would be biding the country adieu following the new regulations that were put forth by the government.
This made it clear that the Chinese government was striving to negate crypto from the country. China’s big crypto crackdown would certainly create unemployment for many.
China’s BitZ closes its doors
BitZ had stopped taking in new users back when China came out with its new set of regulations. However, now, the crypto platform noted that would be closing its operations. The platform has reportedly given its current users time till 21 October to withdraw funds. Post this date, users would have to undergo the process of identification via email.
While assuring that the funds of the existing customers were safe and well protected, starting from 8 October, the exchange vowed to suspend the deposit option for its Chinese users. However, users will be able to use withdrawal services as well as trading services. Trading would be completely banned on the exchange from 14 October.
Furthermore, positions that won’t be completed by 14 October will reportedly be closed, and the assets that would remain in its would directly be accumulated as crypto in the users’ account.
Saying goodbye to its customers after four years of its existence, the exchange wrote,
“Finally, I would like to thank all BitZ users for their continued support and hope to get your understanding. I wish everyone a smooth, happy, and happy life in the future!”
